AgraFlora Organics Commences High Quality CBD Cultivation at Binbrook Farm
AgraFlora Organics International Inc. has announced its wholly owned subsidiary Sustainable Growth Strategic Capital Corp., a federally licensed cannabis company based in the Greater Toronto Area has entered into a cultivation partnership for hemp cultivation in Ontario. Pursuant to the Cultivation Partnership, SGSC has successfully planted fifty (50) acres of high-quality hemp at a farm in Brinbrook Ontario. The Company anticipates the Binbrook Farm will yield approximately 50,000 kilograms of high CBD hemp in fall 2020.
SGSC’s cultivation partner, MicroC45 Inc. has a proprietary post-harvest mechanical separation process that results in higher extraction value and ultimately a greater yield of major and minor cannabinoids when extracted. Based on the forecasted yields and the proprietary nature of MicroC45’s technology, the Company anticipates it will be able to create approximately 1,000 kgs of CBD isolate, CBD Distillate, and THC-Free Distillate inventory for sale to its current and future clients.
“Cultivation at Binbrook represents another milestone for this core-asset strategy,” stated Brandon Boddy, AgraFlora Executive Chairman and CEO. “With our expected high yielding CBD crop and the unique post-harvest methodology, we expect to be able to create a large volume of CBD inventory of the highest quality ready for our enterprise customers. By controlling the process from soil to oil we can ensure we are optimizing the economic value of the resulting distillate and isolate while managing costs throughout the value chain. We can look forward to a strong vertically integrated extraction model of high quality CBD crude, isolate, and distillate.”
Furthermore, the company announces it intends to complete a non-brokered private placement of up to 20,666,667 units of the company at a price of 7.5 cents per unit for gross proceeds of $2-million.
Each unit shall consist of one common share and one transferable share purchase warrant. Each warrant entitles the holder thereof to purchase one additional share of the company for a period of five years from closing at a price of 10 cents per share.
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